Hilbert Group has carried out a rebuild from asset manager into a digital finance group with several business lines. But it costs. The half year ended with a loss of SEK 87.6 million.
Caption: Barnali Biswal is group chief executive of Hilbert Group.
Hilbert Group AB is a Swedish digital asset finance group listed on Nasdaq First North Growth Market. The group closed the second quarter with revenue of SEK 3.7 million and an operating loss of SEK 36.3 million, while the loss for the half year came to SEK 87.6 million. At the same time it has substantially completed the rebuild its management has called Hilbert 2.0: from a manager running a single strategy into a group with several business areas.
The rebuild has come through acquisitions, a new division and a MiCA application. The company has consolidated the trading business Enigma, bought the fintech and banking infrastructure company Nordark, and built a division on that platform. In July it established the Hilbert Finance division for institutional crypto lending, financial infrastructure and future licensed services.
In parallel it has applied to Malta's financial regulator for both a MiCA authorisation and a payment institution authorisation through Nordark. If both are granted, it can offer institutional clients across the EU/EEA accounts, payments, currency conversion, trading and custody in a single solution.
In August, Hilbert opened its first strategy for deposits onchain through the fund platform Syntetika.
While the rebuild weighs on the accounts, asset management is the part of the business that delivered over the half year. Bitcoin fell about 26 per cent over the period, and June was its weakest month since 2022. Hilbert's strategies still returned positively, while comparable crypto hedge funds were down as a group, measured against the Galaxy Digital indices.
The strategies are market neutral, built to earn on price differences between markets rather than on the price moving one particular way. Hilbert brought the market-neutral strategies in house with the acquisition of Liberty Road Capital in March 2025, along with Russell Thompson. As chief investment officer at Hilbert, Thompson describes his job as managing risk and generating alpha.
Assets under management across the hedge funds and managed accounts stood at USD 119.5 million at the end of June, alongside 4,679 bitcoin in a fund. Management fee revenue rose 74 per cent from the first to the second quarter in dollar terms.
Of the half-year loss of SEK 87.6 million, SEK 50.4 million are items with no cash effect — chiefly share-based programmes, amortisation on what has been acquired, and a remeasurement of the price for Nordark.
Operations still drained SEK 42.8 million from the group over the half year. The company raised around SEK 53 million in a directed share issue in May, and the board considers working capital sufficient for the next twelve months.
Through the final settlement for the Nordark purchase, together with an option programme, share capital could rise by roughly a quarter.
On top of that come convertible notes and warrants held by Helena and LDA Capital, which are not quantified.
After the quarter ended, both Hilbert Finance and Syntetika entered ongoing operation. According to the interim report, the priority ahead is turning the platforms into recurring fee revenue.
Sources: Hilbert Group, Kaupr
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